Sembcorp Industries Ltd. · SGX:U96
Sembcorp Industries — Q1 2005 Earnings Presentation
20 slides from Sembcorp Industries's earnings presentation, May 9, 2005
Slide 1: Commitment to Deliver: SembCorp Industries 1Q2005 Results
Commitment to Deliver SembCorp Industries 1Q2005 Results May 9, 2005 By Mr Tang Kin Fei Group President & CEO 1
Slide 2: Highlights
Highlights Good momentum for the first quarter of 2005 - Turnover of $1.9bn, up 35% from 1Q2004 of $1.4bn - PATMI of $72.3m, up 64% from 1Q2004 of $44.2m - PATMI before EI (excl KNI) of $59m, up 57% from 1Q2004 of $37m - Record Group orderbook : $6.4 bn Capital reduction exercise approved by shareho
Slide 3: Highlights: Healthy prospects for the Group
Highlights Healthy prospects for the Group - Utilities Stable and reliable cash flows from Singapore Strong growth from UK and Vietnam operations - Marine Engineering Orderbook: $3.36 billion, with deliveries & completion until 2008 Strong market outlook for ship repair, rig building and conversion
Slide 4: Financial Review
FINANCIAL REVIEW By Lim Joke Mui Group Chief Financial Officer SembCorp Industries 4
Slide 5: Group Profit & Loss
G r o u p P r o f it & L o ss $M 1Q05 1Q04 % (Restated) Turnover 1,855 1,369 35 EBITDA 157 114 38 PBT 115 75 53 PATMI before EI (excl KNI) 59 37 57 PATMI after EI (excl KNI) 72 37 93 PATMI 72 44 64 EPS before EI (cts) 3.2 2.4 33 EPS after EI (cts) 4.0 2.4 63 Turnover grew 35% and PATMI grew 64% 5
Slide 6: Contribution to Turnover
C o n tr ib u tio n to T u r n o v e r $M 1Q05 1Q04 % Utilities* 683 682 0 Marine Engineering 441 242 82 Logistics 138 116 19 Environmental Engineering 52 50 4 Engineering & Construction 499 239 109 Others 40 38 5 Corporate 2 2 0 Total 1,855 1,369 35 *Note: Utilities (excluding Offshore Engineering)
Slide 7: Contribution to Turnover (%) by businesses
Contribution to Turnover (%) by bus ines s es Others 2% Others E&C 3% 17% E&C 27% Utilities Env. Eng. 37% 4% Utilities 50% Env. Eng. 3% Logistics Marine Marine 8% Eng. Eng. 18% 24% Logistics 7% 1Q05 1Q04 Total Turnover - $1.9bn Total Turnover - $1.4bn Utilities & Marine Engineering contribute to 61%
Slide 8: Contribution to Turnover (%) by geographical areas
Contribution to Turnover (%) by g eog ra p h ic a l a rea s * Others 6% Others 9% Europe Europe 23% Singapore 18% 44% Singapore 54% Rest of Asia Rest of 19% Asia 27% 1Q05 1Q04 Total Turnover - $1.9bn Total Turnover - $1.4bn Overseas turnover grew from 46% to 56% 8 *Based on source of business
Slide 9: Contribution to PATMI
C o n tr ib u tio n to P A T M I $M 1Q05 1Q04 % (Restated) Utilities* 34.6 22.1 57 Marine 14.8 13.6 9 Logistics (excl KNI) 9.3 8.7 7 Enviro 3.9 3.8 3 E&C 1.2 0.8 50 Others 5.4 2.0 170 Corporate (10.5) (13.6) 23 PATMI bef EI (excl KNI) 58.7 37.4 57 EI 13.6 - NM PATMI aft EI (excl KNI) 72.3 37.4 93 KN
Slide 10: Exceptional Items
E x c e p tio n a l I te m s $M 1Q05 Utilities Divestment gain on Perth Power Plant 8.9 Logistics SCI’s share of divestment gain on Trans-Link Express 4.7 13.6 10
Slide 11: Group Capex
G r o u p C a p e x $M 1Q05 Major Equity Investment items - Cosco Shipyard Group 47.5 - Conversion of Footwork convertible bonds to capital 7.8 Total 55.3 Major Fixed Assets items - Capital WIP 10.7 - Plant & Machinery 9.7 Total 20.4 Grand total 75.7 11
Slide 12: Group Cash Flow
G r o u p C a sh F lo w $M 1Q05 1Q04 (Restated) Cash flow from Operating activities - before changes in working capital 129 115 - changes in working capital 276 (133) - tax paid (2) (6) 403 (24) Cash flow from Investing activities - divestments proceeds & sale of FA 50 11 - acquisitions (incl. inves
Slide 13: Group Borrowings
G r o u p B o r r o w in gs $M Mar 31, 2005 Dec 31, 2004 PF loans 430 513 Long-term 488 471 Short-term 393 922 Gross 1,311 1,906 Less Cash & FD (1,515) (2,100) Net Debt / (Cash) (204) (194) Net (Cash) / Debt (excl. PF*) (471) (575) Net Gearing Ratio - include PF* Net Cash Net Cash - exclude PF* Net
Slide 14: Financial Indicators
F in a n c ia l I n d ic a to r s 1Q05 1Q04 (Restated) Before EI EPS (cts) 3.2 2.4 EPS* (cts) 12.9 9.7 ROE* (%) 11.3 9.6 ROTA* (%) 5.4 5.6 After EI EPS (cts) 4.0 2.4 EPS* (cts) 13.6 9.7 ROE* (%) 11.9 9.6 ROTA* (%) 5.6 5.6 EVA ($m) 45.3 1.4 * Annualised Financial ratios improved 14
Slide 15: Financial Indicators
F in a n c ia l I n d ic a to r s Mar 31, 2005 Dec 31, 2004 (Restated) NAV per share (cts) 112 107 NTA per share (cts) 103 99 Net Gearing - excl. PF* (times) Net Cash Net Cash Net Gearing - incl. PF* (times) Net Cash Net Cash Interest Cover (times) 8 15 *PF - Non-recourse project financing The Group
Slide 16: Group Outlook for 2005
G r o u p O u tlo o k f o r 2 0 0 5 The Group’s overall operating performance in 2005 is expected to be better than that of 2004 on a comparable basis, which excludes profit contribution from KNI in 2004 16
Slide 17: Thank You
a9 SembCorp —- Industries Thank You = == SembCorp — Industries
Slide 18: Appendix
a9 SembCorp —- Industries APPENDIX
Slide 19: Group Orderbook
Group O rd e rb ook $M As at March 31, 2005 Utilities (SMOE) 409 Engineering & Construction 2,164 Environmental Engineering 420 Marine Engineering 3,360 TOTAL 6,353 Note: Excludes long-term contracts 19
Slide 20: Thank You
Thank You = == SembCorp — Industries